金融知识、风险认知与投资收益--基于中小投资者权益保护调查问卷  

Financial Knowledge,Risk Awareness and Investment Income——Based on the Small Investors' Rights and Interests Protection Questionnaire

作　　者：张腾文[1,2] 王威[1,2] 于翠婷[1,2] 

机构地区：[1]西南财经大学证券与期货学院,611130 [2]西南财经大学统计学院,611130

出　　处：《会计研究》2016年第7期66-73,共8页Accounting Research

基　　金：国家自然科学基金青年科学项目(71301131);中央高校基本科研业务费专项资金项目(JBK160213)资助

摘　　要：本文基于中小投资者权益保护调查问卷数据,首次运用分位数回归方法研究了金融知识、风险认知对投资收益的影响。研究发现,金融知识越丰富投资收益提高的越快;风险认知与投资收益之间呈非线性关系,风险认知需要长期积累,只有当风险认知积累达到一定程度后,投资收益才会随着风险认知能力的提高而显著提高,较低的风险认知能力对投资收益影响不显著,这与以往研究结论不同;投资收益与金融知识和风险认知不存在显著地交互效应。此外,本文还发现收入水平越高的投资者,越能够获得较高的投资收益。本文研究结果表明,金融知识和风险认知能力的缺乏是制约投资收益的一个重要因素,加强投资者教育是保护中小投资者必要且有效的途径。Based on the questionnaire of the small and medium investors' rights and interests protection in Sichuan Province in 2015,we studied the effects of financial knowledge and risk perception on investment return by using the quantile regression method. Study found that financial knowledge will help investors to significantly improve the return of investment. The relationship between risk awareness and investment income is non-linear. Risk awareness need longterm accumulation,low risk awareness has little impact on the investment return,however,when the accumulation of risk awareness reach a certain extent,the investment return would also increase significantly,which is different from the previous study. In addition,this paper also found that the investors with higher income,could use financial knowledge better to get high return. Popularizing financial knowledge is a necessary and effective way to protect small investors.

关 键 词：金融知识 风险认知 投资收益 

分 类 号：F832.51[经济管理—金融学] F275